Other people opinions can misguide your trading plans and decisions

One of the reasons I stopped listening to other people’s opinions on social media about trading was that I was clogging my mind with too much information which affected my decision-making. It’s been over 15 years since I listened to someone talk about their trading setups and how they came to that conclusion.

Has this happened to you?

In general, when it comes to trading there is a thing of having too much information that can pull you in different directions, you should focus on what you are trying to accomplish and focus on those needs

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When starting out you will see different trading styles and strategies, eventually, you will have to pick one that fits your personality and or schedule.

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Glad to see I’m not the only member here who sometimes replies to his own posts. :sweat_smile:

I agree with you. I think the world of learning to trade is a really prime example of the perils of too much information. And that problem’s really worsened, in this context, by the enormous difficulties that inexperienced have in telling the difference between information and misinformation. :thinking:

And in the trading-education world, there’s really an overwhelming amount of misinformation around. Partly because it’s so much easier to make money selling trading education than it is to make money from trading. So very often the consensus, the “majority opinions”, are horribly misguided. :roll_eyes:

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My apology, You don’t necessarily have to pick a trading style or strategy, get yourself some indicators, plot them on a chart, and get to work, If you have a winner, your trading style and strategy will probably fit under one of the labels that’s already out there.

The information that’s out there can be overwhelming, To be successful you must separate yourself from the herd.

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Hi @SmallPaul, market can have many interpretation. I have to look into the original idea rather than the methodology. As we are looking into the same market, when an opinion comes out, we only need to find out from what angle the trader is giving opinion.

This can help me to find a new methodology and / or improving my methodology.
If the methodology is a failure, it will be only telling me, the idea is wrong, so I can eliminate the idea from further research.

Market is so dynamic, my methodology has been growing quite complicated. It’s not rely on my own research, there are contribution from other opinions. But, of course, we need to have a very good knowledge base to digest other opinions. We don’t eat them raw, we need to cook them with good seasoning. :drooling_face: … wait Why am I feeling hungry now? :sweat_smile:

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I totally get it. A few years ago, I was constantly looking at social media for trading tips and ended up feeling overwhelmed and confused. I started doubting my own strategy and made some poor decisions because of it. Once I stopped paying attention to all the noise and focused on my own research, my trading improved a lot.

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Been there, done that. Social media can be sometimes, evil.

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